Monthly Social Security Income and SS Medical Premium

How do I enter my Social Security Deposit and show the deduction of my SS medical insurance?

Best Answer

  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    edited March 5 Accepted Answer
    Personally, I don't bother as the SS medical premium has no tax value for me, so I just have a scheduled automatic monthly deposit of the net.

    If you want the full thing, then after referring to your annual SS letter detailing the amount of your medical premium deduction, including any IRMA, create a split transaction that starts out as a deposit of the net received.  In the split lines, create a line for social security income that is the total benefit as a positive amount, in the second split line, create a Medicare premium line that shows the deduction as a negative amount.  Record, then memorize and create a scheduled transaction for your future deposit dates - selecting the option to automatically enter the transaction monthly.

    If you want to track your Part B, IRMA and Part D premiums separately, just create additional split lines.

    Since the net of the split is positive, this is indeed a deposit. But, since it is a deposit, the expenses in the split get listed as negatives.

    Quicken Windows and Mac subscription.  Quicken user since 1990.

Answers

  • MontanaKarl
    MontanaKarl Member, Windows Beta, Mac Beta Beta
    edited March 5 Accepted Answer
    Personally, I don't bother as the SS medical premium has no tax value for me, so I just have a scheduled automatic monthly deposit of the net.

    If you want the full thing, then after referring to your annual SS letter detailing the amount of your medical premium deduction, including any IRMA, create a split transaction that starts out as a deposit of the net received.  In the split lines, create a line for social security income that is the total benefit as a positive amount, in the second split line, create a Medicare premium line that shows the deduction as a negative amount.  Record, then memorize and create a scheduled transaction for your future deposit dates - selecting the option to automatically enter the transaction monthly.

    If you want to track your Part B, IRMA and Part D premiums separately, just create additional split lines.

    Since the net of the split is positive, this is indeed a deposit. But, since it is a deposit, the expenses in the split get listed as negatives.

    Quicken Windows and Mac subscription.  Quicken user since 1990.

  • mrzookie
    mrzookie Member ✭✭✭✭
    I set it up as a paycheck with the Medicare charge as a deduction. You can track taxes or/or IRMAA deductions as well. Just be aware that SS rounds down to the nearest dollar (e.g.,  $.100.90 would be rounded DOWN to $100.00), so you may need to take that into account when you set it up. Note that this will need to be done whether you use the split or paycheck method.
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